Honest Legal Advice About Bankruptcy in Leawood, Kansas
During tough economic times, advertisements for debt relief options abound. Some firms have identified bankruptcy petitions as an excellent moneymaker for their law firms. The goals is too often a quick resolution without fully acknowledging the unique challenges of every family's financial picture.
We Offer True Legal Counsel, Not a Bankruptcy Assembly Line
At The Mathews Group, LC, in Leawood, Kansas, we are not a bankruptcy factory. We don't give bankruptcy sales pitches to clients who come to us for help with their financial woes. If we can keep you out of bankruptcy — we will. If you decide, after learning about the pros and cons of bankruptcy, to move forward with a bankruptcy petition, then a lawyer from our office will personally handle your petition. At each step of the way, your attorney will examine your financial circumstances and goals, seeking to maximize the benefits of your bankruptcy petition.
Contact The Mathews Group to schedule a no-obligation consultation.
Information About Chapter 7 Bankruptcy
Depending on circumstances, two types of bankruptcy petitions may be available. Chapter 13 bankruptcy reorganizes your existing debts into a more manageable, court-supervised repayment plan.
Chapter 7 bankruptcy, on the other hand, is a debt relief strategy based on debt liquidation. Debt liquidation means that your eligible debts are forgiven by order of the court — allowing you to truly "start over" with a clean financial slate. Based on state exemptions in both Missouri and Kansas, Chapter 7 bankruptcy may even be used to defend against home foreclosure.
Learn More About Bankruptcy: Deciding to file a bankruptcy petition should not be a spur-of-the-moment decision. At The Mathews Group, we thoroughly explain the pros and cons, and we encourage our clients to learn as much as possible about the process before making a decision. Visit our Bankruptcy Information Center and learn about the bankruptcy timeline.
Chapter 7 Bankruptcy and the Income-to-Debt Means Test
A common misperception is that Chapter 7 bankruptcy is only available to people with very low incomes. This is not true. There is a test to determine eligibility for Chapter 7 bankruptcy, but the test measures income against debt. Thus, a person with a high income but very high debts may still qualify for Chapter 7 bankruptcy. Chapter 7 bankruptcy may require a high-income individual to give up certain non-exempt possessions, but the advantages of wiping out other debt may outweigh the disadvantage of liquidating other assets.
Worried About Your Financial Future? Seeking Advice? Give Us a Try
At The Mathews Group we operate our law practice based on a deep commitment to finding solutions that precisely meet our clients' needs. Our first analysis of your financial situation is free of charge, and we do bankruptcy work for a flat fee.
Contact us directly to schedule a confidential and no-obligation appointment.
